NCST Chicago based buyer, Community Investment Corporation (CIC) purchased this Freddie Mac Enhanced First Look property located on the West Side of Chicago in the Humboldt Park neighborhood. Total rehab on this property cost $183,000 and was just short of a complete gut renovation which also included the addition of a second floor. Renovations included all new mechanicals – 200 amp service, new furnace and A/C; new kitchen and baths; new roof, garage and porch. The developer was successful at also acquiring the lot next door to extend the property footprint.
The Humboldt Park neighborhood is known for its dynamic social and ethnic demographic change over the years. The Puerto Rican community has identified strongly with the area since the 1970s. Humboldt Park is also the name of a 207-acre park adjacent to the community area. West Humboldt Park is the area west of Sacramento Boulevard. Many residents on this side of Humboldt Park are low-income working class residents. The area is known for its high crime, but it has declined little by little in blocks adjacent to the park since gentrification has been moving westward.
The remainder of the properties on this block are highly distressed. CIC believes this beautiful rehab will help other owners on the block to improve their properties. This property sold for $375,000 which is still below what a median income family could afford. The buyer is an eighth grade math teacher at Daniel R Cameron School located in the neighborhood.